Credit rating of Belarus remained at the level of "selective default"

S&P Global Ratings has confirmed Belarus' long-term foreign currency rating at SD level. This level implies that the country has refused to pay some obligations. In other words, it is a "selective default," Sputnik reported.

Belarus' rating was downgraded to SD for the first time in August 2022. Then the agency noted that the country faced technical difficulties in paying the debt in foreign currency to some creditors.

The short-term rating in foreign currency also remained at the SD level. At the same time, the long-term credit rating of Belarus in the national currency remained at the CCC level. This means that the country is experiencing certain difficulties with debt payments, and the issuer's capabilities depend on economic growth.

S&P also predicts that Belarus' real GDP will shrink by 6% by the end of 2022, and will fall by another 2% in 2023.

You may also want to check out the forecast for the Belarusian economy compiled by the Eurasian Development Bank.

Follow us on Facebook, LinkedIn!

Photo: blogspot.com